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Updated almost 6 years ago on . Most recent reply
John ThedfordPoster
#5 Wholesaling Contributor
#5 Wholesaling Contributor
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- Naples, FL
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UBIT Question RE: SOLO 401K
John ThedfordPoster#5 Wholesaling Contributor
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
I have two differing opinions on UBIT. Are originating notes or holding rentals subject to UBIT? My CPA says yes but an attorney has said no. @Dmitriy Fomichenko and other experts please let me know your opinion.
Most Popular Reply
In many cases I am spot on with the consensus of comments. However, I have seen others not provide all the info your cpa sees, this the conclusion is sometimes flawed.
How many loans do you do a year? What other investments do you have in your 401k/ira? Do you advertise for loans? Are you a mortgage broker in your day job? Does your Ira have a state or city business license? Why does your cpa think it is an “active business”? Ask him.